In a surprising turn of events, Toki, a Filipino social commerce platform dedicated to collectibles, has announced the closure of its operations. Launched in November 2023 by four former GCash executives, the startup aimed to revolutionize the local collectibles market by providing a secure and engaging trading experience for enthusiasts of sneakers, sports cards, LEGO, and art toys.
Toki initially gained traction in the Philippine market, raising US$1.8 million in funding in January 2024 to expand its inventory and introduce new categories. The platform featured over 70,000 products and onboarded 100 curated sellers, alongside hosting 50 livestream auctions, showcasing its innovative approach to social e-commerce.
Despite early success and a strategic partnership with GCash in 2024 to integrate secure payment solutions, Toki struggled to sustain its growth. Sources suggest that challenges in scaling operations and intense competition in the e-commerce space may have contributed to the decision to shut down.
The closure marks a significant setback for the collectibles community in Southeast Asia, where Toki had positioned itself as a pioneer. Many collectors who relied on the platform for rare finds and verified transactions are now left seeking alternatives.
The founders have yet to release an official statement detailing the reasons behind the shutdown or plans for the future. However, the news has sparked discussions about the viability of niche e-commerce platforms in a highly competitive digital landscape.
As the story unfolds, the legacy of Toki remains a testament to the passion of its team and the potential of the collectibles market in the Philippines. Industry observers are keen to see if the founders, with their extensive experience from GCash, will pivot to a new venture.
Maria Lourdes
